I agree, you need to review that $700 spending, unless you want last generation or two generations ago of PC parts.
Generally, below is the cost rundown of your PC parts.
Motherboard - $200, you can find some cheaper for sure, like $170 or $180. Going last generation, it'll be a bit more cheaper.
PSU - $120, given the RTX 3070 recommending a 650W, and you should go for Gold rating, $120 seems like the starting point.
RAM - $100, if you find some on sale, go for them.
CPU cooler - $100, you can definitely find something cheaper if you don't go for Noctua brand.
Case - $100, you can definitely find something cheaper but it becomes a piece of metal at lower prices.
CPU - $250, if you're going for last generation AMD Ryzen 5 3000 series or Intel i5 9000 series (two generation ago) or 10000 series (last generation).